Akshar Spintex Ltd

AGM Details

• Date and mode: 28-09-2026 at 1:30 PM via VC/OAVM.
• End time: 1:53 PM; record date: 21-09-2026.
• Attendance via VC: promoters 5, public 30.

Resolutions and Outcomes

• Item 1 Ordinary: Adopt financial statements; not passed; 48.13% in favour, 51.87% against.
• Item 2 Ordinary: Re-appointment of Ilaben Paghdar by rotation; not passed; 47.56% in favour, 52.44% against.
• Item 3 Ordinary: Appoint Jamnadas & Co as statutory auditor; not passed; 48.15% in favour, 51.85% against.
• Item 4 Ordinary: Remuneration to Cost Auditors; not passed; 48.09% in favour, 51.91% against.
• Item 5 Special: Remuneration of Illaben Paghdar; not passed; 47.40% in favour, 52.60% against.
• Item 6 Special: Remuneration of Mr. Harry Paghdar; not passed; 47.41% in favour, 52.59% against.
• Item 7 Special: Re-appointment of Vasoya as Independent Director; not passed; 47.86% in favour, 52.14% against.
• Item 8 Special: Appointment of Sureshkumar Gajera as Independent Director; not passed; 47.83% in favour, 52.17% against.
• Item 9 Special: Appointment of Sureshkumar Gajera as Independent Director; not passed; 47.50% in favour, 52.50% against.

Dividend

• No dividend proposed or declared.

Directors & Auditors

• No director appointments or changes approved.
• No auditor appointments or changes approved.

Related Party & Other Approvals

• No material related party transactions approved.
• No ESOPs, charter amendments, borrowings, or mergers approved.

AGM Details

• AGM held on 28 September 2026 at 1:30 p.m. IST via VC/OAVM.
• Meeting duration: 1:30 p.m. to 1:53 p.m.
• Attendance: 35 members attended via VC/OAVM; 5 registered speakers, none spoke.
• Quorum present; proceedings concluded at 1:53 p.m.

Ordinary Business

• Adoption of Audited Financial Statements for the year ended 31 March 2026.
• Re-appointment of Ilaben Dineshbhai Paghdar by rotation.
• Appointment of M/s H. Jamnadas & Company as Statutory Auditors for five years.

Special Business

• Remuneration to Cost Auditors for FY 2026-27: ₹36,000 plus taxes and expenses.
• Remuneration to Ilaben Dineshbhai Paghdar up to ₹15,00,000 per annum for 3 years.
• Remuneration for Mr. Harry Paghdar ₹1,00,000 per month for 3 years.
• Re-appointment of Parshotam Lakhabhai Vasoya as Independent Director for five years.
• Appointment of Sureshkumar Chaturbhai Gajera as Independent Director for five years.
• Re-appointment of Harikrushna Shamjibhai Chauhan as Chairman cum Whole-Time Director for three years; ₹30,00,000 per annum.

Governance / Voting Process

• CS Dipali Vora appointed Scrutinizer for e-voting.
• Results of e-voting and Scrutinizer's report to be posted on website and with stock exchanges.

Akshar Spintex Ltd: Closure of trading window from 1 October 2026 till expiry of 48 hours after declaration of unaudited financial results for the quarter ended 30 September 2026; Trading Window will reopen after 48 hours from the publication of the aforesaid unaudited financial results.

Financial performance

• Revenue From Operations: ₹11,728.12 Lakh; marginally up from ₹11,676.91.
• Profit After Tax: ₹-738.94 Lakh; net loss widened.
• EPS: ₹-0.09; basic and diluted.
• Total expenses: ₹12,919.51 Lakh; margins pressed.
• Cash flow from operations: ₹181.38 Lakh.
• Current ratio: 4.48x; Debt-Equity: 0.06x.
• Dividend: no final or interim dividend declared.

Operations & capacity

• Facility: ~220,000 sq ft; 24,480 spindles; 6,000 MT annual capacity.
• Product range includes carded, semi-combed, and combed cotton yarn.
• End-FY26 inventories: ₹3,881.50 Lakh.
• Power cost: ₹988.04 Lakh; total units: 11,497,653.

Dividend & capital allocation

• Final dividend not declared; interim dividend not declared.
• Unclaimed dividend: ₹0.36 Lakh; not yet transferred to IEPF.
• Authorized share capital: ₹82 Crore; paid-up capital: ₹78.7468 Crore.

Debt & liquidity

• Total borrowings: ₹503.43 Lakh; current ₹191.62 Lakh; non-current ₹311.81 Lakh.
• Cash and cash equivalents: ₹2.01 Lakh; bank balances ₹144.70 Lakh.
• Current ratio: 4.48x; net debt to equity: 0.06x.

Governance & board

• Board size six; 3 Executive and 3 Independent Directors.
• Audit Committee: Rohit Dobariya (Chairman), Parshotam Vasoya (Member), Ilaben Paghdar (Member).
• Nominations & Remuneration Committee: Rohit Dobariya (Chairman), Parshotam Vasoya, Bhavin Kothiya.
• Independent Directors meeting held on 16 March 2026.

Auditors & compliance

• Statutory Auditors proposed: M/s H Jamnadas & Co for 5 years.
• Cost Auditor: Mitesh Suvagiya & Co; remuneration ₹36,000.
• Secretarial Auditor: D N Vora & Associates; MR-3 report.
• Internal Auditor: No internal auditor since Aug 2022; under action plan.

Risks & outlook

• Outlook: cautiously optimistic; focus on cost control and capacity utilization.
• Key risks: cotton price volatility; FX; energy; competition; supply chain disruptions.
• Management monitors market conditions; adjust strategy accordingly.

Auditors

• Approved appointment of H. Jamnadas & Co as Statutory Auditors for five years, subject to member approval.
• Remuneration for Cost Auditor ₹36,000 plus taxes and expenses for FY 2026-27.
• Subject to Members ratification at AGM under Section 148.

Remuneration approvals

• Remuneration for Mrs. Illaben Paghdar up to ₹15,00,000 p.a. for 3 years.
• Remuneration for Mr. Harry D. Paghdar up to ₹12,00,000 p.a., Oct 2026-Sep 2029.
• Remuneration for Harikrushna Chauhan up to ₹30,00,000 p.a., 2027-2030.
• Subject to Members' Special Resolution approval.

Directors & Independent Directors

• Re-appointment of Parshotam Vasoya as Independent Director for 2026-2031.
• Appointment of Sureshkumar Gajera as Independent Director for five years.
• Re-appointment of Harikrushna Chauhan as Chairman-cum-WTD for 2027-2030.

AGM & Voting

• AGM scheduled for 28 September 2026.
• E-voting window: 23–27 September 2026; cutoff 21 September.
• NSDL e-voting from 23 Sept 2026 09:00 to 27 Sept 2026 17:00; cutoff 21 Sept.
• Notice dispatch via NSDL; AGM to be conducted via VC/OAVM.
• Scrutinizer appointed: CS Dipali Vora.

Regulatory & Reporting

• Secretarial Audit FY 2025-26 note and management clarifications.
• Notice of 13th AGM approved; Directors' Report for FY 2025-26 approved.
• Vacation of Independent Director Parshotambhai Vasoya takes effect 22 Aug 2026.

Administration & Sign-offs

• General authority to CS Dipali Vora for e-forms certification.
• Authorize CS Dipali Vora to issue MGT-8 for Annual Return 2025-26.
• Chairman/Executive Director to oversee AGM filings.

Parshotam L. Vasoya — Independent Director

• Parshotam L. Vasoya, Independent Director; term completed; effective 22 Aug 2026; board to identify replacement to maintain composition

Cessation of Independent Director

• Parshotam L. Vasoya, Independent Director, ceased upon completion of term; effective 22 Aug 2026; replacement process to follow.